The epidemic has increased internet payments in India. The widespread use of unified payment interface (UPI) applications for paperless money transfers is still a relatively new occurrence in the nation. It hasn’t prevented con artists from devising inventive methods to defraud customers using well-known mobile payment applications.
According to reports, fraudsters are employing a new “payment mistake “ruse to deceive consumers. Recent reports claim that by taking advantage of people’s ignorance, fraudsters were able to steal a stunning Rs 1 crore from 81 individuals in Mumbai.
The fraud operates as follows: Via the UPI app, the fraudster transfers funds to the victim’s account before claiming it was an error. After then, the victim is prompted to make a payment to the caller’s phone number.
But, if the customer returns the money via one of these UPI applications, malware will allow the fraudster to access all of the user’s information, including bank information and KYC information like PAN and Aadhaar. This data is sufficient for the con artist to get into the victim’s bank account and do further harm.
According to famous Delhi-based cybercrime specialist Pavan Duggal, this method of operation is a complex blend of malware phishing and social engineering. He emphasized the difficulty of this by saying, “This is a combination of malware phishing with human engineering, so current anti-virus software may not be adequate to protect Mobile payment application customers from this online fraud.” He advises customers to reply to such calls by informing the con artist that they have informed their bank of the problem.
Duggal advises users to tell the caller to go to the closest police station to pick up the cash rather than paying it back over the app. A screenshot of the money being given to a stranger should also not be done since this starts personal communication and gives access to a lot of your private data.
Users must be on the lookout for possible fraud in light of this new scam, particularly younger demographics who often use mobile payment applications. Users must also take the necessary precautions to safeguard themselves. Users may contribute to ensuring that their online transactions are safe and secure by being educated and taking the appropriate safeguards.
